Income taxes

Years Ended December 31,

in €‘000

2024

2023

2022

Current tax expense:

Current year

12,277

9,251

​

11,540

Changes in estimates related to prior years

(547)

(1,245)

​

(187)

Deferred tax expense:

​

​

​

​

Origination and reversal of temporary differences

(9,924)

1,545

​

(9,354)

Tax step-up write-down

2,200

3,000

​

5,300

Recognition of previously unrecognized deferred tax assets

(15,066)

—

​

—

Income tax (benefit) expense reported in profit from continuing operations

(11,060)

12,551

​

7,299

​

Years Ended December 31,

in €‘000

2024

2023

2022

​

Net income before tax

22,552

47,196

17,790

​

Applicable tax rate

14.3

%  

14.3

%  

14.4

%

Tax expense applying the Company tax rate

(3,223)

(6,744)

(2,562)

​

Effect of tax losses and tax offsets not recognized as deferred tax assets

2,725

(2,276)

1,134

​

Effect on recognition of deferred tax assets, on previous unused tax losses and tax offsets

15,066

—

—

​

Changes in estimates related to prior years

547

1,245

187

​

Effect of non-deductible expenses

(779)

(1,337)

(3,020)

​

Effect of non-taxable remeasurement of previously held equity-accounted investee

​

—

​

—

​

1,116

​

Effect of difference to the Company tax rate

(1,752)

517

854

​

Other effects

676

(956)

292

​

Tax step-up write-down

(2,200)

(3,000)

(5,300)

​

Income tax benefit (expense)

11,060

(12,551)

(7,299)

​

Effective tax rate

(49.0)

%  

26.6

%  

41.0

%

​

Years Ended December 31,

in €‘000

2024

2023

2022

Interest expense

Accrued interest on license fee payables

71,892

27,369

17,282

Interest on loans and borrowings

5,280

3,745

22,121

Other interest expense

298

337

634

Other finance costs

​

​

​

Other finance costs

1,400

2,280

1,410

Total

78,870

33,731

41,447

​

​

Year Ended

in €‘000

December 31, 2022

Cash consideration paid for acquisition of subsidiary

(21,681)

Cash acquired with the subsidiary

689

Net cash paid for acquisition (included in cash used in investing activities)

(20,992)

Transaction costs of the acquisition (included in cash from operating activities)

(373)

Net cash outflow on acquisition of subsidiary

(21,365)

​

​

Year Ended

in €‘000

December 31, 2022

Cash consideration paid for acquisition of subsidiary

(12,000)

Cash acquired with the subsidiary

1,868

Net cash paid for acquisition (included in cash used in investing activities)

(10,132)

Transaction costs of the acquisition (included in cash from operating activities)

(261)

Net cash outflow on acquisition of subsidiary

(10,393)

​

Number of

Weighted average grant

​

​

RSU shares

​

date Fair Value

Unvested restricted shares as of January 1, 2022

1,302,599

​

$

17.34

Granted

​

3,159,725

​

$

14.02

Vested

​

(373,739)

​

$

17.45

Forfeited

(426,831)

​

$

16.03

Unvested restricted shares as of December 31, 2022

3,661,754

​

$

14.69

Granted

5,162,678

​

$

11.50

Vested

(1,400,697)

​

$

13.51

Forfeited

(866,755)

​

$

13.10

Unvested restricted shares as of December 31, 2023

​

6,556,980

​

$

12.66

Granted

​

6,527,305

​

$

11.05

Vested

​

(2,024,893)

​

$

12.81

Forfeited

​

(1,227,397)

​

$

12.56

Unvested restricted shares as of December 31, 2024

9,831,995

​

$

11.57

​

Equity

Contingent

in €‘000

investments

consideration

Balance as of January 1, 2023

2,820

​

23,201

Additions

3,716

​

1,400

Payments

—

​

(8,575)

Net change in fair value – unrealized (included in OCI)

(190)

—

Net change in fair value – unrealized (included in Finance cost / income)

​

—

​

(657)

Balance as of December 31, 2023

6,346

15,369

Additions

​

—

​

2,605

Payments

​

—

​

(8,578)

Net change in fair value – unrealized (included in OCI)

​

401

​

—

Net change in fair value – unrealized (included in Finance cost / income)

​

—

​

(40)

Balance as of December 31, 2024

​

6,747

​

9,356

​

​

Weighted

​

​

Number of

​

average grant

​

​

PSU shares

​

date Fair Value

Unvested restricted shares as of January 1, 2023

—

​

$

—

Granted

145,900

​

$

11.40

Unvested restricted shares as of December 31, 2023

145,900

​

$

11.40

Granted

1,283,909

​

$

12.72

Forfeited

(79,795)

​

$

12.41

Unvested restricted shares as of December 31, 2024

1,350,014

​

$

12.59

​

Office buildings

in €‘000

2024

2023

Balance as of January 1,

51,394

20,409

Depreciation charge for the year

(8,828)

(7,181)

Additions

3,845

39,727

Derecognition due to lease termination

(233)

(1,311)

Foreign currency effects

191

(250)

Balance as of December 31,

46,369

51,394

​

​

As of December 31,

in €‘000

2024

2023

License fee payables for capitalized sport rights licenses – current

178,296

202,013

Other trade payables and accrued expenses – current

81,446

​

57,654

Trade payables current

259,742

​

259,667

License fee payables for capitalized sport rights licenses – non-current

​

895,679

​

908,437

Other trade payables – non-current

​

—

​

62

Trade payables non-current

​

895,679

​

908,499

Total

1,155,421

​

1,168,166

in €‘000

2024

2023

Balance as of January 1,

49,951

22,014

Additions to lease liabilities

4,281

38,209

Accretion of interest

2,797

1,149

Interest paid

(2,797)

(1,149)

Payments

(7,830)

(7,983)

Rent concessions

(53)

(30)

Derecognition due to lease termination

(233)

(1,323)

Foreign currency effects

549

(936)

Balance as of December 31,

46,665

49,951

Current

9,968

9,537

Non-current

36,697

40,414

​

​

Weighted

​

​

​

Gross carrying

average loss

Impairment

Credit-

in €‘000

​

amount

rate

​

loss allowance

​

impaired

Grades 1 - 6: Low risk (BBB- to AAA)

47

0.0

%

—

​

no

Grade 10: Substandard (B- to CCC-)

3,588

58.2

%

(2,087)

​

no

Grade 12: Loss (D)

12,258

100.0

%

(12,258)

​

yes

Total as of December 31, 2024

15,893

​

(14,345)

​

​

Grades 1 - 6: Low risk (BBB- to AAA)

310

0.0

%

—

​

no

Grade 10: Substandard (B- to CCC-)

3,441

60.7

%

(2,087)

​

no

Grade 12: Loss (D)

12,258

100.0

%

(12,258)

​

yes

Total as of December 31, 2023

16,009

(14,345)

​

​

​

​

Other

​

​

Cost

​

Office

​

facilities and

​

Work in

​

​

in €‘000

​

buildings

​

equipment

​

progress

​

Total

Balance as of January 1, 2023

47,866

​

38,212

​

473

​

86,551

Additions

40,693

​

9,621

​

1,020

​

51,334

Additions through business combinations

—

​

6

​

—

​

6

Transfers in/(out)

​

302

​

774

​

(1,076)

​

—

Disposals

(3,440)

​

(388)

​

—

​

(3,828)

Translation adjustments

(682)

​

(631)

​

15

​

(1,298)

Balance as of December 31, 2023

84,739

​

47,594

​

432

​

132,765

Additions

3,865

​

5,622

​

—

​

9,487

Additions through business combinations

—

​

—

​

—

​

—

Transfers in/(out)

​

337

​

68

​

(405)

​

—

Disposals

(6,407)

​

(3,310)

​

—

​

(9,717)

Translation adjustments

676

​

933

​

(12)

​

1,597

Balance as of December 31, 2024

83,210

​

50,907

​

15

​

134,132

​

​

​

​

​

​

​

​

​

Accumulated depreciation

​

​

​

​

​

​

​

​

in €‘000

​

​

​

​

​

​

​

​

Balance as of January 1, 2023

(24,498)

​

(24,166)

​

—

​

(48,664)

Depreciation

(8,107)

​

(6,489)

​

—

​

(14,596)

Disposals

2,129

​

388

​

—

​

2,517

Translation adjustments

396

​

344

​

—

​

740

Balance as of December 31, 2023

(30,080)

​

(29,923)

​

—

​

(60,003)

Depreciation

(9,615)

​

(6,947)

​

—

​

(16,562)

Disposals

6,407

​

3,310

​

—

​

9,717

Translation adjustments

(453)

​

(591)

​

—

​

(1,044)

Balance as of December 31, 2024

(33,741)

​

(34,151)

​

—

​

(67,892)

​

​

​

​

​

​

​

​

​

Carrying amount

​

​

​

​

​

​

​

As of January 1, 2023

​

23,368

​

14,046

​

473

​

37,887

As of December 31, 2023

54,659

​

17,671

​

432

​

72,762

As of December 31, 2024

49,469

​

16,756

​

15

​

66,240

​

Years Ended December 31,

in €‘000

​

2024

2023

2022

Interest on lease liabilities

2,797

1,149

661

Depreciation

9,038

7,181

5,913

Income from sub-leasing right-of-use assets

(112)

(14)

—

Expenses relating to short-term or low value leases¹

844

941

682

Rent concessions

(53)

(30)

(38)

Total amount recognized in profit from continuing operations

12,514

9,227

7,218

¹

The Company has elected not to recognize a lease liability for short term leases (leases with an expected term of 12 months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line basis.